Today, Ørsted’s Board of Directors approved the interim report for the first quarter of 2020. Our operating profit (EBITDA) amounted to
Earnings from offshore and onshore wind farms in operation increased by 25% to
Net profit amounted to
The green share of our heat and power generation increased from 80% to a new high of 90%.
On
At this point in time, we have no indication that the COVID-19 situation will significantly impact our earnings for the year, and thus we re-iterate our most recent EBITDA guidance of
“Despite the COVID-19 crisis and its profound impact on societies around the world, we have had a very good start to the year with strong financial results and solid operational performance across the entire business.
We activated our
During the last couple of months, our asset base has been fully operational with availability rates for our wind farms and power stations within the normal range.
In March, we commissioned the 338MW onshore wind farm Sage Draw in the US.
Our construction projects all remain on track. However, across our projects, we see an increased risk of component and service delays from suppliers impacted by COVID-19. We collaborate closely together with our partners to mitigate these situations as best possible and without compromising health and safety standards. Based on our current outlook, we believe the COVID-19 related impact on our construction projects will be limited both in terms of timing and economics.
Our offshore development projects in the US are moving forward, although at a slower pace than originally expected due to a combination of the Bureau of Ocean Energy Management’s (BOEM) prolonged analysis of the cumulative impacts from the build-out of US offshore wind projects, and now also COVID-19 effects. The two earliest projects in our pipeline; the 120MW Skipjack project in
For our largest awarded US development projects – Revolution Wind,
Ørsted is a strong company with a resilient business model, and we are in a much less vulnerable position than many other sectors that are deeply impacted by the crisis. However, the impact of COVID-19 will have material ripple effects throughout all economies and sectors, and we cannot be complacent about its potential impact on us. Thus, we remain vigilant about the unfolding crisis and have identified a number of risks that potentially can impact our activities, including the ones listed in our company announcement on 25 March.
I would like to extend a special and heartfelt thank you to all Ørsted employees and our partners for doing an exceptional job in maintaining a strong focus on health and safety during these challenging times, while also maintaining business continuity across Ørsted’s critical operations and projects.”
Financial key figures for Q1 2020:
DKK million | Q1 2020 | Q1 2019 | % | |
EBITDA | 6,805 | 5,130 | 33% | |
Profit (loss) for the period from cont. operations | 3,346 | 2,639 | 27% | |
Profit (loss) for the period from discont. operations | (28) | (43) | (35%) | |
Profit (loss) for the period | 3,318 | 2,596 | 28% | |
Cash flows from operating activities | (428) | (118) | 263% | |
Gross investments | (5,308) | (3,899) | 36% | |
Divestments | 7 | 2,678 | n.a. | |
Free cash flow | (5,729) | (1,339) | 328% | |
Net interest-bearing debt | 27,084 | 9,111 | 197% | |
FFO/adjusted net debt | 21% | 46% | (25%p) | |
ROCE | 11% | 28% | (17%p) |
For further information, please contact:
Media Relations Investor Relations
Martin Barlebo Allan Bødskov Andersen
+45 99 55 95 52 +45 99 55 79 96
Conference call
In connection with the presentation of the interim report, a conference call for investors and analysts will be held on Wednesday,
US: + 1 877 890 2416
Room number: 233127
Participant PIN: 8564
The conference call can be followed live at:
https://edge.media-server.com/mmc/p/tugmuzb3
Presentation slides will be available prior to the conference call at:
https://orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
The interim report is available for download at:
https://orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in
Attachments
- 29APR2020_Company announcement_Ørsted_Q1 2020
- Ørsted - Q1 2020 - Investor presentation - 20200429
- Ørsted - Interim financial report - Q1 2020
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